2023 Fifth Third Bank Auto Loan Review

Fifth Third Bank auto loans at a glance

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*Includes autopay discount

Most Fifth Third Bank auto loan reviews are light on information, as this lender is not very transparent about its loan details. To see what type of auto loan you could qualify for, you’ll have to make a phone call or visit a branch.

While Fifth Third Bank offers a wide range of loan repayment terms, you can find lower APRs and more transparency with other lenders.

• Autopay discount: The bank offers a 0.25% discount on interest rates for refinance customers who sign up for autopay.
• No preapproval available: Unlike most auto lenders, Fifth Third Bank doesn’t offer the opportunity to get preapproved for an auto loan.
• No online applications: If you want to apply for an auto loan, you’ll have to visit a physical branch or apply over the phone.
• External refinance discount: Fifth Third Bank will refinance its own auto loans, but if you’re refinancing a loan from another lender, you may qualify for a 0.25% rate discount.
• Best for borrowers who prefer an in-person experience: If you don’t like the idea of applying for a loan online, Fifth Third Bank offers a traditional application process that lets you connect with a customer service representative every step of the way. However, borrowers who prefer an online experience should look elsewhere.

Fifth Third Bank pros and cons

Like any financial decision, taking out an auto loan with Fifth Third Bank has its pros and cons. Here are the factors you should consider before signing on the dotted line:

With loan amounts ranging from $2,000 to $80,000 and loan terms from 12 to 75 months, you’ll have more choice in loan options than you’d get with some other lenders. Plus, the bank offers a 0.25% APR discount when you sign up for automatic payments from a savings or checking account.

On the other hand, Fifth Third Bank doesn’t offer loan preapproval, so it can be hard to know if you’ll qualify for one of their loans. You’ll also pay more for the privilege of borrowing from Fifth Third. Every auto loan comes with a $165 origination fee and the lowest APR (8.34%, including autopay discount) is higher than many other lenders charge.

A closer look at Fifth Third Bank auto loans

Fifth Third Bank offers loans for new and used cars. Refinancing is also available, and while Fifth Third will refinance its own auto loans, the lender will offer a 0.25% rate discount when you refinance a loan from another lender.

Beyond those details, the bank isn’t very transparent. There’s no public information available about interest rates, loan amounts, how to qualify or what credit profiles are accepted.

The bank’s June 2023 report to the Securities and Exchange Commission (SEC) showed that only 1% of Fifth Third auto borrowers had credit scores below 660. At the same time, 78% had scores of 720 or higher. Still, those numbers aren’t surprising given that Fifth Third has been recognized for catering to high net-worth clients.

Unfortunately, loan preapproval isn’t available at Fifth Third Bank and you have to apply in person or over the phone.

Here’s a closer look at some other features to consider before filling out an application:

Rate discounts

If you’re looking to refinance your car loan, you can get a 0.25% discount off your interest rate when you refinance a loan from another lender. By signing up for autopay, you may receive an additional 0.25% discount.

The bank’s website also states that borrowers who have a Preferred Checking account with Fifth Third can qualify for additional loan benefits, but the exact details regarding those benefits aren’t specified. It’s worth noting that you’re required to have at least $100,000 in combined bank account deposits and investment deposits with the bank to qualify for a Preferred Checking account, making those additional benefits inaccessible to many borrowers.

Payment flexibility

Fifth Third Bank’s website mentions a grace period for late auto loan payments, but doesn’t specify how long that period lasts. Borrowers are also able to change their payment due dates.

Other help may be available to those who are falling behind on their loan payments, including alternative payment arrangements and loan modification. If you’re having trouble keeping up with your monthly payments, contact Fifth Third Bank directly to discuss your options.

Limited availability

To date, Fifth Third Bank has 1,072 full-service banking centers, but they’re only located in the following states:

How to get a loan with Fifth Third Bank

Unfortunately, there isn’t much clarity around how to get a car loan with Fifth Third Bank. Applications are only accepted in person or over the phone — there’s no online application process available with Fifth Third Bank.

The steps to apply for a Fifth Third auto loan are unclear, but lenders generally require the following:

• Information about you (e.g., legal name, contact information and Social Security number)
• Information about the car you plan to buy (e.g., make, model and mileage)
• Driver’s license
• Vehicle registration
• Proof of insurance

In some cases, you may also need to provide supplemental documentation, such as:

• Proof of income (e.g., pay stubs, tax returns)
• Proof of residence (e.g., utility bill, lease agreement)

As with any lender, you’ll need to submit to a hard credit pull, which may impact your credit score.

How Fifth Third Bank auto loans compare

Like Fifth Third Bank, Huntington Bank and First National Bank are regional financial institutions. While First National Bank does allow you to apply for loans through their app, the other two banks only allow applications to be submitted at a bank branch or over the phone.

Is a Fifth Third Bank loan right for you?

If you live in an area that’s serviced by one of Fifth Third Bank’s branches and you prefer to work with a customer service representative rather than filling out forms online, this bank could be a good fit for you. This is especially true if you have a higher net worth and a decent credit score.

However, for those who are on the fence about whether they may qualify for an auto loan, Fifth Third Bank’s lack of transparency and high starting APR make the lender easy to pass over for another one, especially if it offers preapproval.

In either case, it’s a good idea to shop around for an auto loan and get quotes from multiple lenders before making your decision. That’s how you can ensure that you can snag the best rate available and find loan terms that suit your needs.